Egypt's PM: International backlash grows over Israel's attacks in Gaza    Egypt's PM reviews safeguard duties on steel imports    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's pound hits new low of 7.39 per dollar
The official devaluation has been driven by a widening gap between the official exchange rate and that in the black market
Reuters Published in Ahram Online on 22 - 01 - 2015

Egypt's pound weakened to 7.39 per dollar from 7.34 the previous day at a Central Bank of Egypt (CBE) auction Thursday, the weakest level it has been allowed to reach since auctions began in December 2012.
It was the fifth official depreciation this week, prompted by the widening gap between the black market and the official rate.
The bank offered $40 million and sold $38.4 million at a cutoff price of 7.3901 pounds per dollar, the CBE said.
The rates at which banks are allowed to trade dollars are determined by the results of CBE sales, giving the bank effective control over official exchange rates.
But there remains an active black market in the pound that is used by businesses and individuals, and the gap between this and the official rate had been widening for months.
The pound was trading at 7.89 to the dollar on the black market shortly after the CBE auction Thursday, according to one trader. Another trader put the rate at 7.87.
That was slightly stronger than the black market rate Wednesday, when several traders put the average rate at 7.93. Earlier in the week, traders said the rate rose to eight pounds per dollar on no demand for dollars in the unofficial market.
Expectations that the bank would devalue had grown since it announced a surprise 50 basis points cut in benchmark interest rates on Thursday last week, saying that plummeting global oil prices had eased the inflation outlook.
http://english.ahram.org.eg/News/120983.aspx

Clic here to read the story from its source.